Authority: National Company Law Tribunal, Indore Bench, Court No. 1
Order Date: 15 June 2026
Case Overview
The application was filed by MM Boutique Pvt Ltd (Applicant/Creditor) under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC). It seeks initiation of the Insolvency Resolution Process against the Respondent/Personal Guarantor, Prakash Takhatmal Kothati. The application was formally filed on 29 May 2026, under the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The matter was heard by a bench comprising Hon'ble Shri Brajendra Mani Tripathi (Member Judicial) and Hon'ble Shri Man Mohan Gupta (Member Technical).
Final Outcome
The tribunal did not rule on the merits of the application. The counsel for the applicant appeared online and sought time to file the requisite Vakalatnama (power of attorney) and the written consent of the Resolution Professional. The bench granted this request and adjourned the proceedings. The matter has been listed for the next hearing on 29 June 2026. The outcome of the application remains pending until the next date of hearing.
Topics: Insolvency, Personal Guarantor, NCLT